Unicorn FX Review: Unicorn FX Lacks Legitimacy

Unicorn FX claims to offer alluring opportunities for profitable investments in the forex and CFD markets. Besides, they promote fixed-income managed accounts as a means to generate dependable and passive income. Yet, it is crucial to approach their offer with caution, given Unicorn FX’s lack of legitimacy and apparent signs of fraudulent activity.

The absence of a license for their website raises concerns regarding their credibility and reliability. Thus, we strongly advise conducting thorough research and reading our Unicorn FX review before engaging with their services. Doing so will enable you to make a well-informed investment decision.

How Are You Protected at Unicorn FX? License and Security

Unicorn FX claims to be registered in the UK and asserts that they offer segregated trading accounts with negative balance protection. Yet, there is no evidence supporting their claim about segregating deposits. Even more troubling is the fact that this broker lacks proper licensing. The absence of regulation strongly suggests a high likelihood of engaging in fraudulent activities. Contrary to their statement, Unicorn FX is not regulated in the UK, which is compelling evidence of a scam.

Unlicensed brokers like Unicorn Forex and Kurmay Global are unreliable entities often associated with scams. They operate without being held accountable for their actions, putting your funds at great risk of being exposed or stolen without any recourse.

It is always advisable to choose companies authorized by reputable financial regulators such as CySEC (Cyprus) and FCA (Britain). These regulators require brokers to keep client deposits segregated in local banks. Segregation enhances transparency, facilitates faster withdrawals, simplifies chargebacks, and deters fraud.

Likewise, European FX companies have deposit insurance funds in place to compensate clients in unforeseen situations. For brokers regulated by CySEC, clients can claim up to €20,000 per person, while British guarantees extend up to £85,000. All in all, depositing funds with Unicorn FX would likely result in financial losses.

Remain vigilant, stay informed, and safeguard yourself against fraudulent tactics employed by firms such as Unicorn FX and ProfitiX.

Trading Platform Overview

Unicorn FX provides the popular MetaTrader 5 platform, which offers advanced tools and access to a wide marketplace. However, the availability of MT5 does not automatically make this firm a trustworthy broker. In fact, it can be more dangerous as people may mistakenly assume it is a reliable choice based solely on the platform. Therefore, it is crucial to exercise caution when considering their services.

While the trading costs may initially appear favorable spread on EUR/USD, it is essential to note that Unicorn FX charges $14 per lot. This is higher than the industry average of $10. Opting for Unicorn FX doesn’t make sense when reputable brokers offer better trading conditions.

Moreover, the platform itself reveals additional risks by allowing leverage of up to 1:200 and even stating that it can increase it to 1:500 upon request. Both of these levels carry significant risk, and offering 1:500 leverage goes against the British FCA’s 1:30 cap, making Unicorn FX’s actions illegal. It is evident that Unicorn Forex is operating as a scam.

Account Types at Unicorn FX

Unicorn FX offers a variety of live trading accounts. Here are the details of their account types:

• Standard account: $100
• Professional account: $100
• Premium account: $500

Unicorn FX offers a generous maximum leverage of 500:1, but inexperienced traders should be cautious about it. Spreads and commissions at Unicorn FX vary based on account type. Keep in mind that larger deposits lead to more competitive offers. 

Deposits and Withdrawals

Unicorn FX claims to have a minimum deposit requirement of $50. However, due to the lack of regulation and credibility associated with this unregulated website, we strongly advise considering alternative brokers. 

Sad to say, our attempts to verify the minimum deposit requirement of $50 through bank cards, wire, and Bitcoin were unsuccessful. This was likely due to technical issues on their sign-up page. This problematic experience highlights serious concerns about Unicorn FX. Given these technical errors and other warning signs, we cannot recommend this broker to anyone.

Similarly, the broker fails to provide info regarding withdrawals and fees. The lack of disclosure raises yet another significant red flag, further reinforcing Unicorn Forex’s unreliability.

Methods Used in the Scam Operation

In this review, we unveil Unicorn FX as a fraudulent operation. Now, we will outline the common tactics scammers use to deceive unsuspecting individuals.

Scammers often initiate contact with enticing promises, urging immediate deposits. To gain your trust, these criminals masquerade as reputable companies, projecting confidence to convince you. If you fail to recognize the warning signs, they may succeed in enticing you to deposit funds. It is crucial to be skeptical when approached by unknown individuals offering guarantees of easy money. Always exercise due diligence, conduct thorough research before investing, and never disclose your financial information without caution.

Yet, the true deception begins once you send your money. After receiving the desired deposit, scammers manipulate prices and fabricate fake reports, creating the illusion of profitable trades. They skillfully manipulate your perception, encouraging you to think big and make substantial investments.

Fraudsters apply pressure to make you invest more and concoct stories about repeated deposits. When withdrawing funds, they impose higher taxes and fees. As the scam becomes evident, they abruptly cease communication, leaving you deceived and defrauded.

Be vigilant, stay informed, and protect yourself from fraudulent tactics employed by entities like Unicorn FX.

Unicorn FX Summary

When choosing a broker, it is of utmost importance to perform extensive research and read numerous reviews. This process will help you select a reputable and trustworthy broker that aligns with your investment objectives.

To facilitate your decision-making, we have assembled a comprehensive table of recommended brokers. Take the opportunity to carefully review the information presented. Evaluate your options diligently and make an informed selection of the most suitable broker for your needs. Choosing the right broker can have a significant impact on your trading experience. If you require assistance finding the perfect broker that suits your needs, feel free to reach out to us for a free consultation.

FAQs